5 Benefits of PCI DSS Compliance

The Benefits of PCI DSS Compliance

The primary benefit of PCI DSS compliance is the ability to accept credit and debit card payments. An organization that does not meet the requirements for this standard and suffers a data breach could face costly penalties, including loss of its merchant account and the ability to process card payments. Here are five more benefits that can justify the investment of time, money and effort necessary to comply with the leading financial security standard.

1. Reduce the Risk of Data Breaches

The main goal of compliance with the PCI DSS is a lower risk of data breaches. The initial Verizon Payment Card Industry Compliance Report found that breached organizations were50% less likelyto be in compliance with this standard. Over 10 years of forensic investigations, not a single company that experienced a breach was fully compliant with the PCI DSS.

Achieving compliance with this standard is a significant step, but maintaining compliance poses more of a challenge. A recent Payment Security Report found that only about43% of participating organizationshad sustainable control environments. Implementing an information security and compliance automation platform is the best way to retain the benefits of PCI DSS compliance.

2. Avoid Penalties for Noncompliance

Complying with the PCI DSS can help your company avoid incurring costly penalties. In the event of a breach, card brands fine acquiring banks which pass these fees on to the affected merchant. A business can incur fines regardless of compliance status at the time of a breach. The opportunity to avoid fines and legal liability should motivate stakeholders to take a proactive approach to pursuing and maintaining compliance with the PCI DSS.

Card brand compromise fees range from $5,000 up to $500,000. Other costs associated with a breach could include a digital forensic investigation, free credit monitoring for affected individuals and card re-issuance costs. Fees imposed by card brands and acquiring banks can range from $5,000 up to $100,000 per month. These noncompliance fines are considerable, but the loss of profits after a breach could prove even more costly.

3. Increase Trust in an Organization 

Your company can lay a foundation for trust by providing an attestation of compliance or report on compliance to acquiring banks or other requesting parties. Forms signed by a Qualified Security Assessor serve as the best indication that a merchant is fully compliant with the PCI DSS. The reduction in risk that accompanies compliance with this standard can reassure acquiring banks, card brands, customers and investors.

A breach will swiftly undermine confidence. A recent report found that approximately66% of U.S. consumerswould not trust a company affected by a data breach. Customers are more likely to feel safe paying merchants that maintain rigorous data security controls and have not recently experienced a breach. Internal stakeholders are also more likely to have peace of mind after a successful assessment and taking practical measures to maintain compliance.

4. Set a Baseline for Other Standards

Securing networks in accordance with the requirements and controls for the PCI DSS also establishes a baseline for other frameworks. Here are several other standards that are within reach after achieving PCI DSS compliance:

• PCI Personal Identification Number Security Standard (PCI PIN)
• PCI Point-to-Point Encryption (PCI P2PE)
• PCI 3DS Core Security Standard (PCI 3DS)
• System and Organization Controls (SOC 2)
• National Institute of Standards and Technology Cybersecurity Framework (NIST CSF)
• International Organization for Standardization (ISO 27001)

The requirements for the PCI DSS lay the groundwork for multi-framework compliance. Additional measures could be necessary to meet the requirements for other standards.

A continuous compliance platform can help your company get the benefits of PCI DSS compliance along with the advantages of adhering to othersecurity and privacy frameworks. Stakeholders can strengthen the security posture of an organization by customizing controls, monitoring data from multiple sources on a centralized platform and harnessing the power of automation.

5. Adhere to a Global Standard

As an international standard, the PCI DSS enables merchants to expand into the global market. Any company that meets the requirements set by the five biggest payment card companies aligns with other trusted organizations around the world.

The benefits of PCI compliance are far-reaching in terms of the customer base of a business and the level of trust that acquiring banks and card brands assign to an organization. For a business that accepts, processes or stores sensitive financial data, compliance with the PCI DSS can reduce risk and offer many rewards.

FAQs

Company stakeholders often have questions about the pros and cons of PCI DSS compliance. The cost of achieving compliance is often considerable but pays off by enabling a merchant to accept more forms of payment. Get an answer to one of the most frequently asked questions about compliance with the leading financial data security standard.

What Are the Benefits of Complying with the PCI DSS?

Compliance with the PCI DSS significantly reduces the risk of a data breach that could cause a business to incur fines and penalties from card brands. Acquiring banks, consumers and investors are more willing to do business with compliant merchants. Proof of compliance can also limit legal liability for data breaches.